HOW CAN i CALCULATE MY INCOME TAX?

Question

If i'm making $2400 each month. how much i'm going to be taxed and how much will my tax return be if i'm 18 and single? (i live in California)

Answer 1

You will make about $28,800 this year. Since you are single, your standard deduction will be $5,150. Your personal exemption is $3,300 unless your parents can still claim you. Then you get no exemption.

But, based on this income, your standard deduction and assuming that no one else can claim you as a dependent, your taxable income will be $20,350. The tax due on that will be $2,679. If you have had more federal taxes with held than that, you will get a refund. If you have had less, you will have a balance due.

Answer 2

GROSS wages earnings for each pay period for the your FICA and then any deferred compensation amounts and then all of your state and federal income tax amounts would be determined by your employer before they would issue you your NET take home paycheck for this purpose. NOW on your 1040 income tax return your GROSS wages earning from the Box 2 of your W-2 form and your NET PROFIT from any self employment income and all of your other taxable income that is on the page 1 of your 1040 income tax return down to the Line 22 and then through Line 36 adjustments to income and then line 37 and line 38 would be your adjusted gross income on the page 2 of the 1040 tax return. AGI less standard deduction less exemption amount and then you would end up with your TAXABLE INCOME amount for the tax year in order to determine your federal income tax liability amount for the tax year. Get a copy of the 1040 income tax return and the instructions and read the Line by line instruction that are available to you to use for this purpose by using the search box at the www.irs.gov website. Hope that you find the above enclosed information useful. 04/11/2012

Answer 3

Get your check stub. See how many more checks you have coming. If its 2 add what you have been making a week. To the toltal gross income. Thats all year. Then on where you see year to date taxes add what they have been taking out. Add it for each check . Like example. If they take out 56.00 for federal. And you ahve 2 checks left add that twice to your gross income.
Now go to www.taxact.com and select do taxes make a name and allt hat good stuff to get in. And act like you are just doing the taxes very simple they ask you questions you answer. It will give you a rough idea i do mine like that to see what i am getting then when i do them for real i get like 500 more cause by then the tax brackets are out and set for that tax year. I hope that helps you!!

Answer 4

Your federal income tax will be somewhere around $2700. If you had more than that withheld, you'll get a refund - if you didn't already pay that much in, you'll owe the difference.

That's just federal - I don't know about California, maybe someone else will respond on that part.

Answer 5

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RE:
HOW CAN i CALCULATE MY INCOME TAX?
If i'm making $2400 each month. how much i'm going to be taxed and how much will my tax return be if i'm 18 and single? (i live in California)

Answer 6

Don't worry about it. The federal and state tax collectors are hopelessly confused.